WASHINGTON–The House of Representative has passed the credit union-supported Credit Union Board Modernization Act, which would allow federal credit union boards to meet at minimum six times per year instead of the current once per month.
As CUToday.info reported earlier, the legislation, introduced by Reps. Juan Vargas (D-CA) and Bill Huizenga (R-MI), was among the first bills to be introduced in the new Congress. The same legislation was passed in the prior House session, but failed to pass Congress.
“Thank you to the House members for taking up and voting to advance this bipartisan, common-sense legislation that would help free up credit union time and resources to focus on members and their needs,” said CUNA President/CEO Jim Nussle. “CUNA, leagues, and credit unions also thank Reps. Vargas and Huizenga for moving quickly to introduce this bill in the new Congress, and we look forward to further engagement with the Senate to get this bill across the finish line.”
NAFCU: ‘Commitment to Members’
Added NAFCU President and CEO Dan Berger, “The House’s swift passage of the Credit Union Board Modernization Act is a testament to the credit union industry’s commitment to their members. NAFCU and our member credit unions fought to make lawmakers aware of outdated requirements that can be costly and impact the ability to serve members. Reducing the number of required annual meetings and recognizing the need for modernization in the Federal Credit Union Act will allow credit unions to utilize resources better and focus their efforts on serving their 134 million members and the underserved communities in need of safe, affordable financial products and services. We thank Representatives Vargas and Huizenga for their leadership on this issue and we urge the Senate to follow the House’s lead and pass this legislation without delay.”
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